Bedford Property Investors announces second quarter results.LAFAYETTE Lafayette (lä'fēĕt`, lăf'ēĕt`). 1 City (1990 pop. 23,501), Contra Costa co., NW Calif., a residential suburb in the San Francisco–Oakland area; settled 1848, inc. 1968. , Calif.--(BUSINESS WIRE)--July 17, 1995--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange : BED) announced earnings and Funds From Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ) for the first quarter and the six months ended June June: see month. 30, 1995. The company reported net income for the second quarter of 1995 of $616,000 on rental revenues of $2,616,000, compared with net income of $565,000 on rental revenues of $1,976,000 for the second quarter 1994. For the six months ended June 30, 1995, net income was $1,222,000 on rental revenues of $5,278,000, compared with income of $961,000 (before a gain on sale of $1,193,000 from the sale of real estate investments) on rental revenues of $3,832,000 for the six months ended June 30, 1994. FFO for the second quarter of 1995 was $964,000, or 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , as compared with $773,000, or 13 cents per share for the second quarter 1994. FFO for the six months ended June 30, 1995, was $1,920,000, or 31 cents per share as compared to $1,566,000, or 26 cents per share for the six months ended June 30, 1994. This represents a 23 percent increase in FFO for the six month period. FFO is defined as net income, excluding gains or losses from debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: and sales of property, plus depreciation and amortization of assets related to real estate, after adjustments for unconsolidated ventures. Bedford Bedford, town, England Bedford, town (1991 pop. 75,632), county seat of Bedfordshire, central England, on the Ouse River. It is an important industrial center; diesel engines, pumps, turbines, agricultural machinery, electrical equipment, and transistors Property Investors Inc. is a self-administered equity real estate investment trust with investments in industrial and suburban office buildings concentrated in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . -0-
BEDFORD PROPERTY INVESTORS INC.
Unaudited Operating Results
(In 000s, except per share data)
Three Months Ended Six Months Ended
6/30/95 6/30/94 6/30/95 6/30/94
Rental revenues $ 2,616 $ 1,976 $ 5,278 $ 3,832 Income before gain on sale $ 616 $ 565 $ 1,222 $ 961 Gain on sale of real estate investment -0- -0- -0- 1,193 Net income $ 616 $ 565 $ 1,222 $ 2,154 Funds From Operations $ 964 $ 773 $ 1,920 $ 1,566 Per common and common equivalent share: Income before gain on sale 10 cents 9 cents 20 cents 16 cents Gain on sale -0- -0- -0- 19 cents Net income 10 cents 9 cents 20 cents 35 cents Funds From Operations 16 cents 13 cents 31 cents 26 cents Weighted average number of common and common equivalent shares 6,134,361 6,144,673 6,132,750 6,140,557 CONTACT: Bedford Property Investors, Lafayette Peter B. Bedford, Donald A. Lorenz, 510/283-8910 |
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